Prominent Bitcoin analyst Mikybull has proclaimed that XRP is set for a potential eight-fold increase to $6 soon.
This assertion stems from Mikybull’s analysis of XRP’s breakout from a symmetrical triangle pattern spanning three years, as observed on the weekly timeframe. Specifically, the analyst observed the breakout through XRP’s pattern since the 2021 bull season, in which XRP has been consolidating with lower prices.
XRP Prime for 859% Surge to $6
The analyst believes the downtrend is over, having spotted a breakout from the established symmetrical triangle pattern. He asserted that XRP closing above the observed point would set the stage for an 859% surge to $6.
Notably, Mikybull expressed this bullish outlook for XRP as the altcoin market has surpassed the $1 trillion threshold, with Bitcoin establishing a new all-time high.
Accordingly, the analyst voiced confidence that this cycle’s altcoin season would be unprecedented. He listed XRP alongside five other digital assets he believes are on track for astonishing performance soon.
XRP Completing Retest Phase
In a subsequent update on XRP, Mikybull revealed that XRP was undergoing a retest phase following the observed breakout pattern. He reiterated that XRP was getting set for a significant surge to unprecedented price levels.
In a follow-up post, the analyst highlighted that XRP had completed the breakout phase and was now gearing up for a powerful upward movement. He emphasized that XRP is poised to target between $1 and $6 when the bullish rally commences.
Last Buying Opportunity
While awaiting the projected bullish rally for XRP, Mikybull remarked in a more recent update that the crypto community is witnessing the final buying opportunity for XRP before the asset takes off.
Responding to this update, Vandell Aljarrah, co-founder of Black Swan Capitalist, pointed out the irony of the situation for individuals who are pessimistic about XRP. Aljarrah stated individuals have had ample time over the years to purchase XRP but are now considering dumping their holdings just before the anticipated bull run.
Indeed. People have had years to buy XRP and now they are selling their XRP right before the bull run. How dumb are people?
— Vandell | Black Swan Capitalist (@vandell33) March 29, 2024
Aljarrah’s perspective aimed to challenge those who believe holding onto XRP may no longer be prudent, given that the asset has continued to underperform even six months into the current bullish phase of the cycle.
At press time, XRP trades at $0.58; to attain $6, as the Bitcoin analyst suggested, XRP must rally 859% rally.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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